Worldwide Health Supplements Market Scenario:
Health supplements also called as dietary supplements are product designed to supplement the diet and incorporating nutrients such as vitamins, minerals, fiber, fatty acids, amino acids and others. The global health supplements market is anticipated to generate a CAGR growth of 7.8% during the review period of 2017 to 2023.
Health Supplements Market Dynamics:
Drivers
Growing awareness about health and longevity, sedentary lifestyles, growing income, and others are critical drivers of the market. In 2015, about 68% of Americans consume dietary supplements according to estimates by the Council for Responsible Nutrition. Growing aging population is another driver as older people account for 35 percent of U.S. health supplements market.
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Thus a readymade market exists is easily comprehendible. Innovative product development such as convenient formulation in form of softgels, gelcaps, apart from the traditional tablets, and powders is another factor driving the market. Growing incidence and prevalence of diseases such as rheumatic disorders, cardiology, allergy and others is another indirect driver as it drives demand due to health concerns. Increasing urbanization, growing influence of media, changing lifestyles, and emergence of ecommerce websites are economic drivers of the market. Ecommerce has made a large impact as more than 60 % of U.S. citizens research the internet for health information and decisions.
Restraints
Concerns over the safety of the products which is exacerbates by the enactment of rules and regulations concerning labelling and safety of health supplements by the European Commission has complicated the scenario. The ambiguity regarding the definition of health supplements coupled with the lack of experimental evidence regarding the efficacy and effectiveness of health supplements has compounded the issue. Market fragmentation coupled with the presence of spurious and misbranded products affecting the structure of the industry. There are approximately 50,000 dietary supplement products in the United States alone which is adding to the confusion over the products.
Health Supplements Market Segmentation:
To generate a bird’s view of the market the global health supplements market is segmented by types, application, ingredients, end user and regions.
Type – dietary supplements, body building supplements, eye health supplements, specialty supplements, and others.
Application – cardiology, rheumatic disorders, allergy, and others.
Ingredients – vitamins & minerals, amino acids, botanicals, enzymes, and others. Amino acids and vitamins dominate the market by ingredients.
End user – hospitals, clinics, research centers, and other.
Regions – Americas, Europe, Asia Pacific and Middle East and Africa
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Health Supplements Market Regional Analysis:
The Americas led by the U.S. dominate the global health supplements market due to large economy, large per capita income, and presence of large market players. Europe accounts for the second largest share of the global market for health supplements owing to large developed economies, high healthcare spending, presence of large dairy industry, and others. Germany, Sweden, France and the U.K. dominate the European region.
Asia Pacific is expected to be the fastest growing market led largely by Japan, South Korea, China and India. The Asian economies are also leaders in agriculture which provides feed stock for the market. This coupled with the labor attractiveness of these economies drive the Asia Pacific market.
The Middle East and Africa, market is expected to generate a moderate growth skewed in favor of the Gulf economies of Saudi Arabia and UAE.
Health Supplements Market Prominent Players:
Some of dominant players in the market are Herblife International (U.S.), BASF SE (Germany), E. I. du Pont de Nemours and Company (U.S.), Glanbia plc (Republic of Ireland), Abbott Laboratories (U.S.), Alticor Inc. (U.S.), The Nature’s Bounty Co. (U.S.), Bayer AG (Germany), GlaxoSmithKline Limited (U.K)
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